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  • #34,181
  • Sep 25, 2008 12:40pm Sep 25, 2008 12:40pm
I still wander if it fall 200 pips for today.
though I took long on the 100 pip fall, dah
  • #34,182
  • Edited 12:57pm Sep 25, 2008 12:41pm | Edited 12:57pm
Quoting traderathome
The attached M30 chart shows a Head & Shoulders formation for this current session.
Not a fan of finding "reversal patterns" on low TF charts, when all price has actually done on your chart is range in a reasonably predictable manner for a long time now. Granted, price may trade thru a lower (or upper) TL, but that's a far cry from "reversal" which is what a H&S pattern is. Especially if it reenters that same channel.

In no way trying to tell how to trade your own charts, but the concern here is that there are lots of impressionable people who hear "head and shoulders!!" and go bonkers. There is not much "reversal" to be had after a couple days of ranging, just a breakout of whatever channel has been established. I fully hope everyone trades whatever works for them, but I don't post everything I trade either as it could quickly get counterproductive. Please understand... this is more about terminology than a strategy debate.

"The "head-and-shoulders" pattern is believed to be one of the most reliable trend-reversal patterns."
http://www.investopedia.com/terms/h/head-shoulders.asp

About 4am last nite (see link below) someone was calling H&S on a 5m chart! Price may or may not follow thru, but all of us should strive to have the right understanding and "labels" for that movement.

Posted 8hrs ago... http://www.forexfactory.com/showthre...30#post2241230 Following this post, price indeed fell a'rd 30-40 pips following this post, but then it also rallied a hundred pips before dropping to present levels...
FUBAR...
  • #34,183
  • Sep 25, 2008 12:42pm Sep 25, 2008 12:42pm
Quoting trading801
y???


btw your nick fundamentally technical is cool hahaha
Because you shorted at 1.48 and are still holding. Glad for you my friend.
  • #34,184
  • Sep 25, 2008 12:45pm Sep 25, 2008 12:45pm
these are the levels to watch right now...1.4625+ (break up)....1.4585-(break down)..exclude the falsie spikes
Different opinions highly valued, ignorant to slander.
  • #34,185
  • Sep 25, 2008 12:45pm Sep 25, 2008 12:45pm
Quoting traderathome
The attached H4 chart, showing the fib extensions applied to the pinch of the standard Bollinger band, indicate the potential for a downside move.....
Considering my previous post, I have to say "Now that's a sweet chart.."
FUBAR...
  • #34,186
  • Sep 25, 2008 12:48pm Sep 25, 2008 12:48pm
Quoting ak4x
Not a fan of finding "reversal patterns" on low TF charts, when all price has actually done on your chart is range in a reasonably predictable manner for a long time now. Granted, price may trade thru a lower (or upper) TL, but that's a far cry from "reversal" which is what a H&S pattern is. Especially if it reenters that same channel.

In no way trying to tell how to trade your own charts, but the concern here is that there are lots of impressionable people who hear "head and shoulders!!" and go bonkers. There is not much "reversal" to be had
after a couple days of ranging, just a breakout of whatever channel has been established. I don't post everything I trade either. I fully hope everyone trades whatever works for them, but I don't post everything I trade either as it could quickly get counterproductive. Please understand... this is more about terminology than a strategy debate.

"The "head-and-shoulders" pattern is believed to be one of the most reliable trend-reversal patterns."
http://www.investopedia.com/terms/h/head-shoulders.asp

About 4am last nite (see link below) someone was calling H&S on a 5m chart! Price may or may not follow thru, but all of us should strive to have the right understanding and "labels" for that movement.

Posted 8hrs ago... Price indeed fell a'rd 30-40 pips following this post, but then it also rallied a hundred pips before dropping to present levels... http://www.forexfactory.com/showthre...30#post2241230

I agree that everyone should do their own due diligence. That aside, the H & S pattern can appear on any timeframe. As with any other technical, the larger the TF the more reliable and meaningfull. On smaller TFs though, they can work accordingly, just for proportionately smaller amounts. That is the beauty of applying fib extensions to Bollinger band pinches....it works on any TF and the resultant levels are appropriate to that TF. Good trading to all!
  • #34,187
  • Sep 25, 2008 12:49pm Sep 25, 2008 12:49pm
I think we will see the drop later this afternoon after the actual announcement of the term of this agreement. Note: I have been wrong.


Quoting psiholog
these are the levels to watch right now...1.4625+ (break up)....1.4585-(break down)..exclude the falsie spikes
  • #34,188
  • Sep 25, 2008 12:50pm Sep 25, 2008 12:50pm
this chart represents fibs for last move down....those values i mentioned before overlap as 61.8%

Attached Image (click to enlarge)
Click to Enlarge Name: current.gif Size: 28 KB
Different opinions highly valued, ignorant to slander.
  • #34,189
  • Sep 25, 2008 12:51pm Sep 25, 2008 12:51pm
Quoting cobraforex
There is no break of nothing, it’s normal that a huge move like on Monday, (largest in history of EUR like I heard) will retrace, if the 61.8 is broken will be something to think about,but far away, actually we are sitting on a nice 38.2 wall.
here a chart on 4h, you see we are sitting happily on 38.2 Fib
Attached Image (click to enlarge)
Click to Enlarge Name: EUnew.jpg Size: 81 KB
  • #34,190
  • Sep 25, 2008 12:54pm Sep 25, 2008 12:54pm
Quoting oolides
wasn,t in yet.wanted to get something outside before i closed my longs and before i knew it,i am where i am.honestly i feel shitty and angry with myself.its beginning to get me emotional.what do you think i should do.its now -136 pips.do i close and join you guys shorting or i should leave my longs running..........
If you do close a position does not mean you should immediately open another in opposite direction,cash is a good position too until you are confident in your next move.My 2 cents
  • #34,191
  • Sep 25, 2008 12:57pm Sep 25, 2008 12:57pm
Quoting SeaPip
I think we will see the drop later this afternoon after the actual announcement of the term of this agreement. Note: I have been wrong.
please what time is the announcment supposed to be.
  • #34,192
  • Sep 25, 2008 12:57pm Sep 25, 2008 12:57pm
Quoting trading801
AFTER LOSING 1.3K USD,

i want to shout out the BEST tip ever..

to all those who are new, looking for the golden EA etc etc

GOOD MM

PLS!


p/s after losing 1.3K i am still bear on this pair hee
I really support that notion that good MM is the key to your lasting success in this journey, be the casino and not the gambler. I really learnt the hardest way after making close to 5k on my account and as always just one bad news from US (the US GDP q/q) and the account is gone to less than 1k and subsequently to margin call. It is really pathetic but i'm back in the game because this is what I have chosen to do and will follow it to the logical conclusion. So to be profitable again please follow strictly GOOD MM (Money Management)
  • #34,193
  • Edited 1:02pm Sep 25, 2008 1:00pm | Edited 1:02pm
I don't know but from Bloomberg they said congress is working diligently to work out the details of the deal by this afternoon....I assume before 5PM EST.

Quoting oolides
please what time is the announcment supposed to be.
  • #34,194
  • Sep 25, 2008 1:00pm Sep 25, 2008 1:00pm
When is the announcement of the terms of the bailout? I'm shorting this SOB 5 seconds prior to that
  • #34,195
  • Edited 1:11pm Sep 25, 2008 1:01pm | Edited 1:11pm
there is a support at weekly MA. i don't think she will go down further
http://i359.photobucket.com/albums/o.../Project10.jpg
  • #34,196
  • Sep 25, 2008 1:03pm Sep 25, 2008 1:03pm
With this thing flirting around the 1.46, and a big announcement coming up @ 4 EST.. I see it diving... SOON... I am short from 1.4610!! Others?
  • #34,197
  • Sep 25, 2008 1:04pm Sep 25, 2008 1:04pm
There you go OOLIDES, once or die method I guess
Quoting seesaw
When is the announcement of the terms of the bailout? I'm shorting this SOB 5 seconds prior to that
  • #34,198
  • Sep 25, 2008 1:04pm Sep 25, 2008 1:04pm
Quoting hantousha
With this thing flirting around the 1.46, and a big announcement coming up @ 4 EST.. I see it diving... SOON... I am short from 1.4610!! Others?
Shorts from 14856 to 1460
  • #34,199
  • Sep 25, 2008 1:05pm Sep 25, 2008 1:05pm
Now, with your nickname, should I put the house on short



Quoting alwaysloss
there is a support at weekly MA. i don't think she will go down further

http://i359.photobucket.com/albums/o.../Project10.jpg
  • #34,200
  • Sep 25, 2008 1:05pm Sep 25, 2008 1:05pm
Quoting alwaysloss
there is a support at weekly MA. i don't think she will go down further
SHRINK.... YOUR.... CHART.

PLEASE.
FUBAR...
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